As the European Central Bank (ECB) has begun its bond-buying, prices have risen, to the point where a near-default in Greece doesn't shake the market one bit.

It’s the rare sequel that’s better than the original: Greece is locked in a battle with its creditors. Will it or won’t it pay what its bailout partners are demanding? Bond yields in Europe’s emerging markets are spiking higher. The global economy shudders.

Greece 2 has fared far better than the unfortunate Hollywood effort of the same name. On Thursday, Greece once again pushed its creditors to the brink, but ended up making the €460 million ($487.75 million) payment due to the International Monetary Fund. This time...